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DBS Bank revises interest rates on FD, offers up to 7.75% on a tenor of 600 days

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The interest rate on fixed deposits under 2 crore has been revised thanks to DBS Bank. The updated or fresh interest rates are in effect as of November 18, 2022, according to the lender’s official website. Following the change, the bank is currently offering interest rates on fixed deposits maturing in 7 days to 5 years or more that range from 2.50% to 6.50% for the general public and 2.50% to 7.00% for senior citizens. A maximum standard interest rate of 7.25% and 7.75% for elderly people will now apply to deposits that mature in 600 days. As a result of the change, Digibank by DBS now provides the fixed deposit interest rates shown below.

DBS Bank FD Rates

On FDs maturing in 7 days, the bank offers an interest rate of 2.50% and on those maturing in 8 days & up to 60 days, DBS Bank offers an interest rate of 2.75%. DBS Bank is now offering an interest rate of 3.00% on FDs maturing in 61 days & up to 180 days and an interest rate of 4.75% on those maturing in 181 days to less than 1 year. Deposits maturing in 1 year to 375 days will now fetch an interest rate of 6.25% and those maturing in 376 days to 599 days will now fetch an interest rate of 6.50%. On FDs maturing in 600 days, the bank will now offer an interest rate of 7.25% and on those maturing in 601 days to 5 years and above, DBS Bank is now promising an interest rate of 6.50%.

DBS Bank FD Rates

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DBS Bank FD Rates (dbs.com)

Residents who are senior citizens would enjoy an additional rate of 50 bps on FD registrations up to INR 2 Cr. “W.e.f 3rd September 2021, Preferential rate of 50 bps will be provided to Resident senior citizens on FD bookings < INR 2 Cr,” DBS Bank mentioned on its website. The senior citizen special rate is only available on domestic term deposits. The senior citizen rate is not available for NRO and NRE term deposits and for tenures of 181 days or more, the special rate will be in effect. “The interest on your Fixed Deposit is credited to your account on maturity or withdrawal. However, if you withdraw prematurely, you will get the prevailing interest rate,” mentioned DBS Bank on its website.

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